OpenSea Goes Zero-Fee, Creator Royalties Optional
Leading non-fungible token (NFT) marketplace OpenSea said Friday that it is temporarily eliminating its marketplace fee, heating up the battle for market share with popular no-fee marketplace Blur.
OpenSea said in a tweet that for “a limited time,” it will charge 0% in marketplace fees, and default all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5%.
The marketplace has also adjusted its blocklist of other marketplaces that don’t honor full royalty payments to creators, allowing sales on NFT marketplaces with the same policies. It specified that this includes Blur “as they make good on their promise,” no longer forcing creators to choose between the two platforms in order to earn royalties on its collections.
“This is the start of a new era for OpenSea,” the marketplace said on Twitter. “We’re excited to test this model and find the right balance of incentives and motivations for all ecosystem participants – creators, collectors, and power buyers and sellers.”
The battle for NFT market share reached new levels of competition this week, following the release of Blur’s native token on Tuesday and Blur’s trading volume surpassing OpenSea for the first time since it went live in October.